Book Description
Real estate investment strategies that put the gold in the golden years
This accessible, easy-reference guide shows how to turn a retirement savings plan into a tool for generating major income. Hubert Bromma, an experienced investment professional in real estate and retirement funds for nearly 30 years, take you through the basics of investing with retirement accounts, from choosing the right plan to buying real estate. The book also includes information about the various retirement options, including IRAs, Roth IRAs, individual 401(k)s, and more.
Customer Reviews:
Informative but not Objective.......2007-03-21
Written by the top officer of Entrust, whose business is to manage self directed IRAs, this book is not to be taken as an objective analysis of the benefits and drawbacks of buying real estate within a self directed IRA. Although never actually lying (I'm sure Entrust's attorneys made sure of that), it avoids the topic of fees and lack of control, that are involved in maintaining any real estate investment within an IRA. It also doesn't mention any of the costs of setting up an LLC with one or more members. Setting up an LLC is a likely scenario and was, in fact, recommended to me, by Entrust. Buying real estate within an IRA is very different than doing the same investment outside of an IRA. Given the fees involved with this type of investment, what would be the minimum investment recommended to absorb these fees/costs and still realize an acceptable return? No answers here. Examples of returns are unrealistic in today's more normal market conditions. The author does make some good points, and the concept is really great. But buyer beware. I was so disappointed to come to the conclusion that buying a $350K investment property, using the required non-recourse loan with a higher rate, and setting up an LLC with 2 members (the bank and my IRA) was too complicated and restrictive. This book is an excellent starting point, but the drawbacks either aren't mentioned, nor fully addressed. Basically, the author is selling. Remember what he does for a living. Get your highlighter out and read carefully!
Amazon.com
IRA's, 401(k)s & Other Retirement Plans, by financial specialists Twila Slesnick and John C. Suttle, is a solid self-help legal look at a critical back-end issue that most of us blissfully ignore until we absolutely must confront it. The authors themselves admit it is not a compelling page-turner, but rather a comprehensive resource that at some point should prove indispensable to everyone with a retirement plan. They describe the various plans available--including Roth IRAs, to which an entire chapter is devoted--focusing on distribution rules, associated taxes, and potential penalties. They offer details on early distributions used to pay higher-education expenses or health-insurance premiums (which are not subject to taxes, under certain explicit conditions), distributions you must take during your lifetime (when they begin, how they're computed, what happens if your beneficiary changes), and distributions made after an account holder dies (largely concentrating on administrative procedures that could help you avoid unnecessary financial loss). Helpful appendices include relevant IRS forms, notices, and schedules as well as life-expectancy tables. --Howard Rothman
Book Description
If you are...
*approaching retirement *retiring early *changing jobs *looking to borrow money from your retirement plan *wondering what to do with an inherited plan
...you need this book! It helps you make sense of the rules that govern distributions from retirement plans, and avoid the stiff penalties that lurk in the fine print. It covers the different types of retirement plans -- including 401(k)s and other profit-sharing plans, Keoghs, IRAs and tax-deferred annuities -- and the taxes and penalties that can deplete your nest egg.
In accessible, plain English, this book covers:
*tax strategies before retirement *tax strategies at retirement *dividing a plan at divorce *penalties for taking money out early *minimizing taxes *distributions you must take *distributions to your heirs
The 7th edition is completely updated with the latest tax rates, tables and methods for calculating required distributions. It also provides new information on Roth IRAs and bankruptcy.
With this book as your guide, you'll know the rules, avoid the penalties and save for your future like a pro.
TABLE OF CONTENT:
I. How to Use This Book
1. Types of Retirement Plans
A. Qualified Plans B. Individual Retirement Accounts C. Almost-Qualified Plans D. Nonqualified Plans
2. An Overview of Tax Rules
A. Taxation Fundamentals B. General Income Tax Rules for Retirement Plans C. Income Tax on Qualified Plans and Qualified Annuities D. Special Income Tax Rules for Tax-Deferred Annuities E. Special Income Tax Rules for IRAs F. How Penalties Can Guide Planning
3. Early Distributions: Taking Your Money Out Before the Law Allows
A. Exceptions to the Early Distribution Tax B. Calculating the Tax C. Reporting the Tax D. Special Rules for IRAs
4. Substantially Equal Periodic Payments
A. Computing Periodic Payments B. Implementing and Reporting Your Decision C. Modifying the Payments
5. Required Distributions: Taking Money Out When You Have To
A. Required Distributions During Your Lifetime B. Death Before Required Beginning Date C. Death After Required Beginning Date D. Special Rules for Tax-Deferred Annuities E. Special Rules for Roth IRAs F. Penalty G. Waiver
6. Required Distributions During Your Lifetime
A. Required Beginning Date B. Computing the Required Amount C. Designating a Beneficiary D. Special Rules for Annuities E. Divorce or Separation
7. Distributions to Your Beneficiary If You Die Before Age 70½
A. Determining the Designated Beneficiary B. Distribution Methods C. Spouse Beneficiary D. Nonspouse Beneficiary E. No Designated Beneficiary F. Multiple Beneficiaries, Separate Accounts G. Multiple Beneficiaries, One Account H. Trust Beneficiary I. Estate as Beneficiary J. Annuities K. Divorce or Separation L. Reporting Distributions From IRAs
8. Distributions to Your Beneficiary If You Die After Age 70½
A. Administrative Details B. Spouse Beneficiary C. Nonspouse Beneficiary D. No Designated Beneficiary E. Multiple Beneficiaries, Separate Accounts F. Multiple Beneficiaries, One Account G. Trust Beneficiary H. Estate as Beneficiary I. Annuities J. Divorce or Separation
9. Roth IRAs
A. Taxation of Distributions B. Early Distribution Tax C. Ordering of Distributions D. Required Distributions
Appendixes
A. IRS Forms, Notices, and Schedules
Form 4972, Tax on Lump-Sum Distributions Tax Rate Schedule for 1986 Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts Form 5330, Return of Excise Taxes Related to Employee Benefit Plans Form 5498, IRA Contribution Information Form 8606, Nondeductible IRAs Revenue Ruling 2002-62
B. Life Expectancy Tables
Table I: Single Life Expectancy Table II: Joint Life and Last Survivor Expectancy Table III: Uniform Lifetime Table Table IV: Survivor Benefit Limits
Index
Download Description
"If you are... approaching retirement retiring early changing jobs looking to borrow money from your retirement plan wondering what to do with an inherited plan ...you need this book! IRAs, 401(k)s & Other Retirement Plans helps you make sense of the rules that govern distributions from retirement plans, and avoid the stiff penalties that lurk in the fine print. It covers the different types of retirement plans -- including 401(k)s and other profit-sharing plans, Keoghs, IRAs and tax-deferred annuities -- and the taxes and penalties that can deplete your nest egg. In accessible, plain English, IRAs covers: the tax strategies before retirement the tax strategies at retirement dividing a plan at divorce tax penalties for taking your money out early methods for avoiding tax penalties distributions you must take during your lifetime distributions to your heirs after your death Roth IRAs With this book as your guide, you'll know the rules, avoid the penalties and save for your future like a pro. "
Customer Reviews:
Great Book!.......2007-02-16
Excellent reference on how to extract money from retirement plans. Gives specific requirements necessary to receive penalty free withdrawals. I highly recommend this easy to understand, plain english book.
Crucial Information.......2006-07-20
This book contains must have information for anyone owning an IRA. I had a previous version and wanted to keep current as I approach the magic age. This book tells you how to avoid fines and penalties from the dastardly IRS. Keep as much of your hard earned savings as possible for as long as possible by reading this book several times then saving it for future reference. I also marked many pages for my beneficiaries just in case. Do yourself a favor and invest in this book.
Very User Friendly!.......2005-08-29
The book is well organized. I was able to use it, immediately, to answer 'basic questions' to help a relative avoid a costly mistake and, more importantly, to learn 'options' that could help. Though I am an insurance agent, I've had little exposure to the 401(k), IRA, etc., market. This book is quickly moving me to the 'top 20% group' of informed agents and financial advisors. I highly recommend it, thanks to Ed Slott!
Pay attention to the sub-title.......2005-05-06
The reviewer plugging the "MarketBuster" book has totally missed the point of this NOLO book, which is given in the subtitle: Taking Your Money Out. The reviewer is talking about strategies for growing your account.
When you're in the savings/growing mode you're in a whole different situation than you're in when you're having to withdraw and/or live off your account. Going from one to the other requires a major change in strategy and, more important, a MAJOR change in mindset and, often, life style.
You're confronted with a whole new set of regulations, whether the reason for the change is retirement, inheriting an account, etc. The biggest change in mindset is that instead of the pleasant pre-retirement situation of watching the money accumulate, you have to recognize that you're now going to be watching it DECLINE. And unless you've got a tremendously more than sufficient account, you're going to have to live with the knowledge that you could outlive the account, possibly due to your own mistakes, some of which this book can help you avoid.
Four years ago I was confronted with making this shift a whole lot sooner than I'd planned, and with getting control of my retirement accounts under conditions where I had little help. Without the previous edition of this NOLO book, I would have been totally lost and probably made serious mistakes.
Now, one caveat: This book does not tell you how to MANAGE your withdrawals and account so as to produce INCOME; as one should expect from NOLO press as a LEGAL advice publishing house, it deals with the nuts, bolts, traps and hazards of the PROCESS of getting the money out.
In my situation I also found that there is not a whole lot of good material out there on the subject of managing your money and account IN the WITHDRAWAL stage, and this subject is affecting more and more people, as the country shifts from defined benefit (pensions) plans to plans like 401Ks and IRAs that place the job of investing and managing on the individual.
It is a whole lot more complex, risky, and stressful than most people realize, especially considering the general abysmal education (lack of) even young people receive on the subject, let alone people my age who were raised to count on pensions, etc. (And thank goodness for Social Security, which while far from adequate, can still supply a firm base of about 30 to 50% of a retirement income; although that's another issue)
So I recommend this book as essential for the basic procedures, but you will also need additional information on how to manage your income account(s). Personally, in addition to a good fee based financial planner, I found invaluable help from folks who have actually been doing the job for years, especially in the forums of Morningstar, for example. But you have to be on constant alert for scamsters and the whole "how to be a billionaire" publishing crowd. You're going to have to invest some serious time and effort in educating yourself for a the whole new job of retirement, and this book is an excellent place to start, preferably BEFORE you actually have to start TAKING YOUR MONEY OUT.
A practical, easy-to-understand instructional.......2004-10-12
Now in an updated and expanded sixth edition, IRAs, 401(k)s & Other Retirement Plans is a solid guide written especially for lay readers to better understand the types of retirment plans available in America. From tax issues, including taxes on early distributions, to the time at which one is required to take some distributions, to determining one's designated beneficiary in case of premature death, and much more, IRAs, 401(k)s & Other Retirement Plans is a practical, easy-to-understand instructional. Highly recommended for anyone cultivating an IRA or concerned about ensuring that the right person benefits from it.
Book Description
Surefire, down-and-dirty guerrilla marketing tactics for businesses of all sizes
Lottery ticket giveaways, discounts for customers who rip competitors' ads out of the yellow pages, paying people to picket your store with signs proclaiming your low prices and great service . . . These are just three of the hundreds of cheap, surefire marketing tactics contained in 401 Killer Marketing Tactics to Increase Sales, Maximize Profits, and Stomp Your Competition. Expert Tom Feltenstein arms you with a veritable encyclopedia of tested-in-the-trenches marketing and promotional solutions.
This fully revised and updated edition of Feltenstein's acclaimed guide features:
- Real-world examples from dozens of Feltenstein clients, including Disney, Ben and Jerry's, Texaco, Coca-Cola, Hyatt, and more
- An encyclopedia format designed for ready reference
- A different idea on each page--and how to make it happen
Amazon.com
Don't Die Broke: How to Turn Your Retirement Savings into Lasting Income, by personal-finance writer and financial-education specialist Margaret A. Malaspina, offers a fresh take on one of today's hottest money matters by outlining ways to tap most effectively into the retirement nest egg that you're currently nurturing. While most such guides concentrate on actually amassing those future fiscal resources in the first place, Malaspina shows instead how to maximize what you're (hopefully) already building so you'll (hopefully) always have what you need. "Most people find themselves making decisions about retirement plan distributions with little guidance," she writes. "Few people understand the consequences of their choices--or, indeed, what choices they have." In clear, highly focused chapters, she offers solid suggestions for creating a lasting retirement income, lowering potential taxes, and building an estate worth passing along. --Howard Rothman
Book Description
The book that picks up where other retirement planning books leave off. People spend years saving for retirement. But how can they find out exactly what to do with the money they've accumulated? What are the various and complicated options they need to know about so they don't risk big tax hits? How can this hard-earned money be turned into lasting income? Don't Die Broke, in hardcover format, went to a third printing within four months of publication. As baby boomers are faced with financial questions they've never had to think about, they can turn to author Margaret Malaspina for her expert financial advice. Peter Lynch says, "There's not another book like it." Here's how one reader describes Don't Die Broke: "This book was a great surprise. I didn't expect to like it, mostly because I hate the very thought of retirement planning and I approach the subject kicking and screaming. Yet it is time, and this book has been an enormous help. It makes the subject at least accessible, if not downright friendly." There are hundreds of books on saving for retirement and investing in retirement. This book is different. Don't Die Broke picks up where most retirement planning leaves off--and sets the standard for reader-friendly information on a complicated topic.
Smart Strategies:
* Creating a retirement paycheck that will last a lifetime
*Choosing the right withdrawal option
* Lowering the tax bill on retirement savings
* Avoiding dead-end or irrevocable choices
* Building an estate plan that preserves tax benefits for heirs
* Finding professional help and additional resources
Customer Reviews:
Don't believe the subtitle.......2002-07-11
The subtitle is "Taking Money out of your IRA, 401(k), or other savings plan-- and creating lasting retirement income, but there's precious little useful how-to here. There's basically one chapter (9) that deals with the details of setting up a withdrawal plan and the advice boils down to "go find an investment advisor". Most of the book is spent explaining 401ks, IRAs, workplace plans, etc.
It's my own fault, though. Next time I'll read the TOC before buying!
A Solid Effort!.......2001-03-17
Many rules and regulations govern pension plans. The technicalities are complicated and change constantly. People can make irrevocable errors doing something as simple as moving assets from one plan to another. Margaret A. Malaspina cuts through retirement plan red tape and explains the jargon. She shows you how to get to your money after you have worked hard to save it. This book demystifies your options and clarifies the consequences of your choices. The author makes reading about taxes relatively painless. We at getAbstract recommend this book to anyone planning retirement, switching retirement plans, or withdrawing retirement funds. However, because of its discussion of United States tax law, it is not useful to those in other countries.
A practical, step-by-step, effective approach.......2001-02-17
In Don't Die Broke, Margaret Malaspina offers a careful, practical, step-by-step, effective approach to ensuring proper and profitable management of money. Here is a wealth of useful advice and counsel on making money last, avoiding the need to spend retirement years worrying about financial security. The reader will learn how to turn assets into income; create a monthly paycheck from savings, stocks, and other financial resources; avoid making irreversible mistakes with retirement savings; understand a company's retirement plans, individual retirement accounts (such as the new Roth IRAs); transfer wealth to heirs; and minimize taxes on retirement savings. Don't Die Broke is "must" reading for anyone seeking relief from financial stress in their retirement and eventually being able to leave something to loved ones.
This book is a lifeline...highly recommend it.......2000-02-07
Like so many of my friends, my husband's and my focus has been all about reaching some magic number that would say, ok,now it's safe to retire without going broke... We gave not a thought to how we'd manage the money afterwards. But then we began to hear rumors ... you must do this, you can't do that, and panic set in. Finally, after reading Ms. Malaspina's book, we understand what's really going on (better than we did after talking to our accountant!). I've given this book to friends and even a cousin who was 69-1/2 and didn't have a clue about the need to start drawing on certain retirement savings. This book should be required reading for anyone over 50. Thanks, Bloomberg Press!
Excellent Treatise On A Very Complicated Topic.......2000-02-07
Margaret Malaspina has done an incredible service to the taxpaying world in her book. As a Certified Public Accountant, I can attest to fact that dealing with the Internal Revenue Service Code is an extremely difficult process. She has consistently dealt with this complicated and very confusing subject and de-mystified it in a way that heretofore has never been done. As more and more assets of American citizens are finding their way into retirement accounts, the timing of this book is perfect. What might appear to be some type of simple election or investment decision can backfire in terms of significant additional taxes. She attempts and succeeds in identifying these problems and proposing appropriate solutions. I have read it thoroughly and have recommended it to my clients and friends.
Amazon.com
"The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public," write William Wolman and Anne Colamosca in the opening pages of this book of financial muckraking. They compare this popular form of retirement planning with the Dutch tulip mania of the 17th century, the South Sea Bubble of the 18th century, and the stock-market crash of 1929--and suggest that something worse is on the horizon for people who are planning to live their golden years off the proceeds of 401(k) investing. Wrongly believing that the boom years of the 1990s were typical, "most Americans do not have the resources to ride out the bad markets of the kind that we believe will prevail for the next decade," write Wolman (former chief economist for BusinessWeek) and Colamosca (a veteran journalist). They advise current investors to put their 401(k) money into bonds and believe companies should be banned from matching employee contributions with its own stock (a lesson they draw from the Enron debacle). The authors want even more, however: "What is needed is an FDR-style New Deal for the nation's pension system." The Great 401(k) Hoax is a piece of investment populism, potentially doing for the CNBC crowd what Donald L. Barlett and James B. Steele did for political junkies. --John Miller
Book Description
How the 401(k) has come to dominate the American family's long-term investment portfolio, why it is inadequate--and what to do about it.
According to business and finance journalists Bill Wolman and Anne Colamosca, the American public has been hoodwinked: 401(k)s, the most popular mechanism for retirement investing, were established to satisfy corporate, not individual, interests. They are replacing defined benefit-pension plans at an alarming rate and are vulnerable to the vicissitudes of the market, which--if history serves as our guide--is destined for at least a decade of lackluster performance.
Drawing on primary historical and contemporary data, Wolman and Colamosca build a compelling case against the 401(k) as a tool for ensuring long-term financial security. They urge individuals and families to diversify their savings and investments, building conservative portfolios that include bonds, high-dividend stocks, and savings. In the process, they explore the colorful social history of our love-hate relationship with the stock market and address many key questions facing any family today, such as: How do I accumulate enough wealth to educate my children and retire comfortably? How secure are my sources of income and how can I anticipate change? Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action from the water cooler to the boardroom to the voting booth.
Customer Reviews:
Lost Interest Quickly..........2007-01-06
I have been reading a lot of books lately regarding investments and finances. This book trips itself up on some kind of a political agenda (I have yet to figure out if the authors were trying to smear Republicans, Democrats, or both), so much so that I was completely distracted by what the authors had to say and quit reading after a few chapters. The political jabs were distracting and they made the authors seem less credible. The book had too much of a "doomsday/completely hopeless future" feel to it, it almost was painful to read, it made me squirm inside!
There are many books out there that can offer a lot more help (and hope) than this one, if you are looking to secure your financial future.
What Can I Do About It?.......2006-08-23
The Title of the book states "Why your family is at risk, what you can do about it?" After nearly 188 pages on the first part of this phrase, the authors talk about "stillwater" investing which seems to be "random walk" by another name. The authors complain loudly and convincingly (with some irritants mentioned by other reviewers), but I'd have expected similar vigor and greater clarity in listing out the solutions....disappointed.
401 (K): Hype, intolerable, opinionated poopfest.......2005-09-08
Like several other reviewers who I should have read first, I found myself seeing a loooong stretch to this book's short stack of information and too much snarky cereal filler. You'll be angry, trust me.
Must have family who edited the thing and printed it.
long-term view that public must heed.......2004-03-18
The great 401(k) hoax has a long-term view that is very sobering and that people must pay attention to. The public has been told that they will do best if they take care of their own pension plans -- this saves corporations billions of dollars!
sobering thoughts for babyboomers.......2004-02-23
This intelligent book lays out some startling truths for babyboomers about to retire --mamany of them have only a small stake in the stockmarket because their incomes may not have been particularly high and they will only have a tiny portion of what they will need later in their lives. It's a wake-up call to reinvent themselves and work longer, find more interesting work and keep bringing in income.
Average customer rating:
- Understanding the Myths and Realities of 401-K Plans
- I'll struggle to review, like the writers struggled to conclude
- If You Participate in a 401(k), You'd Better Read This
- So Many "A-ha" Moments
- A good perspective on the risks inherent in 401k plans
|
The Great 401 (K) Hoax: Why Your Family's Financial Security is at Risk, and What You Can Do about It
William Wolman , and
Anne Colamosca
Manufacturer: Basic Books
ProductGroup: Book
Binding: Paperback
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ASIN: 0738208523
Release Date: 2003-04-01 |
Book Description
The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this was the latest act in the gradual erosion of the nation's retirement system. Drawing from reams of historical and contemporary data as well as economic, social, and political trends, they reveal the system's troubled 100year history. Beyond exposing the hoax, the authors urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game. Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action-from the water cooler to the boardroom to the voting booth.
Customer Reviews:
Understanding the Myths and Realities of 401-K Plans.......2006-08-25
I read and was enlightened by the hardcover edition of Wolman and Colamosca's book when it was first published and am looking forward to reading the updates in the recently released paperback edition. Companies encouraged baby boomers to join the 401-K bandwagon. Now, as we begin to enter retirement years, our large demographic may provide a magnified study of the impact of such plans. Perhaps this will benefit younger members of the workforce, especially if the Bush Administration re-visits its efforts to foster worker-managed-retirement-investment programs.
I'll struggle to review, like the writers struggled to conclude.......2006-03-09
The Great 401(k) Hoax is real!!!!
Or at least that's what the writers of this book, surpisingly former Business Week contributers, will have you believe. ("Surprisingly" because of the lack of free-markets bent.)
The conclusion is that our entire futures are based around a flawed and imperfect system of investing that has led us all astray and has jeopardized our future. This is ten to fifteen pages of The Great 401(k) Hoax. The rest of the book provides historical comparisons to the post bubble/9-11 period that "prove" we are in for stagnant returns in the stock market from now (the now being mid 2002 when the book was written) to...well, who knows when. Quite honestly, the historical connection is incredibly signficant as history may not be indicitive of future returns (as all mutual funds are required to tell you), but history can be darn close. This part of the book is very interesting and important. Also included is a analytical perspective on the destruction of the pension plan which is fine and good, but intuitive.
What lacks is the clear cut conclusion of "what do we do?" Part of the title of this book is "What You Can Do About It." After reading the entire book, I'm still not entirely clear on what I can do about it. The writers offer investment suggestions, but in the end still seem a little inconclusive on whether they are viable options for a safe retirement. In the afterward, written a year or so after the original release, many of the writers' original investment suggestions are (obviously) rescinded, such as bonds which had 3 years of strong growth following the continuing decline of stocks. Ultimately, one investment option is highly recommended, both in the book and the afterward. I won't ruin the surprise for readers, but their TIPs are anti-climactic.
If You Participate in a 401(k), You'd Better Read This.......2006-02-23
If a person wants to invest in the stock market or in other forms of investments (bonds, govt. securities), and the primary purpose behind these investments is for retirement, this is a book that one should read. As with so many things that the government does, often in cahoots with businesses, this book shows how the 401(k), a supposed benefit to employees, is anything but. The `average' employee is getting ripped off in his/her 401(k) plan. The primary benefits of 401(k)'s are to the businesses, themselves, and to the top 10% of households based on wealth. Simply put, the rich get richer at the expense of the middle and lower class. If you have a 401(k) or are thinking of participating in one, read this book first and then decide if or how you want to participate. Rating: 4.0.
So Many "A-ha" Moments.......2006-01-04
I'd been feeling suspicious and uncomfortable for years with regards to Stock Market investing, Mutual funds and 401K's and pension plans in particular. I never really knew why aside from this feeling that "The Street" was always trying to pull a fast one on us little guys. I applaud and thank the authors for this book and the effort to educate the masses. The patience and wisdom with which they explain the "fallacy of composition" as the basic principal behind the danger of investing in the stock market and especially a 401K for one's retirement is the best and most important element of the book. I'm feeling as if I've just been pulled from a burning building.
This book also reveals the many advantages corporations have over wage earners and the individual investors. Reading this book will arm the average American with the knowledge needed to prevent costly investment mistakes - like complacency and too much trust in our corporate employers and wall street gurus.
A good perspective on the risks inherent in 401k plans.......2005-07-14
The authors set out to prove that 401k plans are inherently risky and in many cases inadequate to meet the retirement needs of people. They make their case by using historical analysis and they manage to do it well. They draw a parallel comparision between the politics, culture and economics of the 1920s and the 1990s. Just as the 1920s led to the Great Crash and the Depression, the new millenium looks ready for similar economic hardships. This can have a devastating effect on the retirement plans for most Americans.
Before 401(k) plans came into the picture, "defined pension plans" had become popular ( though not as popular as 401k was eventually to become). Those were the Golden years of the American economy (1945-1973). It represented a certain commitment by American companies to their workers. Most companies were doing well in those years and could guarantee the monthly pension checks to retirees.
As America suffered slow-growth years from 1973 to the mid 90s, the solution that emerged for improving corporate balance sheets was simple: Design a pension system that depended not on defined benefits for employees but on defined contributions made mainly by employees. As corporations were having more trouble making money, the 401(k) became the new model for pensions.
Various other factors contributed to Americans shifting more and more of their assets into stocks/Mutual funds/401k plans over the years:
1. First is the Wall Street propaganda resulting from the massive drive to capture the public's resources. Andrew Smithers, the brilliant British financial analyst, once told the authors that he could make a lot of money by being a bull and being wrong than by being a bear and being right.
2. Delusive academic research, demonstrating that stock investments, patiently made over the years, were a safe and superior source of investment. Professor Jeremy Siegel's book "Stocks for the Long Run" has been one of the most repected sources of delusion. To Siegel, the failure to grow rich is an individual's failure to save enough or to be patient, not of the way in which society as a totality works.
3. The economic boom years from 1995-1999 provided much incentive and validated the Wall Street propaganda and the delusive academic research.
The authors discuss the various evils in the stock market, the current American economy and the 401k plan. They propose various reforms such as banning of company stock contributions, allowing employees to shift their funds at any time they want to, keeping transaction fees low and discouraging conflicts of interest between employees and their corporate employees.
Until new legislation arrives to fix our 401(k) plans, we are stuck with what exists. Investing in Inflation-indexed government bonds, though not frequently made available in 401(k) plans, come across as the best way to plan for retirement in the current situation.
This book is worth a read just to get a historical perspective of the US economy and of the retirements plans that existed through the times.
Book Description
401 Ways to Get Your Kids to Work at Home is an essential book for busy parents who would like to get their kids to share the housework and who would like a systematic program to ensure that their kids know all the basic living skills by the time they leave home at age eighteen. Among the topics it covers are:How (and when) to assign and teach specific jobsHow to give positive feedback, incentives, rewards (or punishment)How to teach your child to organize his or her bedroomHow to teach time and money and basic household skills; handing personal hygiene and clothing needs, cooking, nutrition, and shopping skills; exploring and planning a careerPlus over 400 specific incentive/reward ideas (like charging a nickel for every sock Mom has to pick up)It works!Whether your kids are toddlers or teenagers, you'll find immediately help and direction in Bonnie and Sue's enthusiastic, supportive advice.
Customer Reviews:
401 Old ways to bore your kids........2006-03-22
This book is way too outdated for our hectic, electronic, urban life. I don't recommend it, it doesn't take into consideration that we don't live in a farm and that our kids watch television and surf the web too. I have to say that I only read it briefly and decided it didn't apply to me.
Good Ideas for a house full of kids!.......2006-03-03
This book had lots of great information about the things we NEED to teach our kids before they venture out into the unknown. With 5 kids ranging in age from 18 years to 10 months, everyone is in a different place and it has been fun to watch the younger kids learn from the older kids. We have some goals in place for each kid and they are eager to start learning lots of "grown up" things!
Excellent Book!.......2000-01-02
I borrowed this book from the library and felt lost when I had to give it back. So I want to get one for myself to keep and use whenever I need to reference back to it. Great ideas that we will definitely be using around here.
Good practical advise for teaching life skills to kids.......1998-10-03
I am already utilizing several ideas from this book and I haven't finished reading it yet! The concept of teaching practical life skills to one's children to develop their self-confidence as well as helpfulness is great. My children are responding very well to new habit formation. They are also looking forward to getting their own recipe book with foods they can make themselves without Mom hanging around.
Well worth reading...and rereading periodically........1998-05-27
This is a great book. I've been hording my neighbor's dog-eared copy for a few years now. Every time I look at it, I find something other tool to try. I've finally decided that it is time to buy my own copy and let my neighbor lend hers to someone else who could use it.
Book Description
45 million Americans participate in company sponsored 401(k) plans. These workers are diligently saving and investing for their anticipated retirements as the country quietly moves away from the old world of comprehensive government guardianship to a more modern notion of “ownership society.” Responsibility for financial security in retirement is shifting subtly away from the collective and toward the individual.
This impending “ownership society,” like any new frontier, is rife with meaningful opportunities as well as pronounced risk. Redistributing wealth back to the individual will unquestionably produce mixed results. Some workers will very likely experience much prosperity while others may get left behind as they encounter unforeseen hazards along the way. One factor, however, appears indisputably certain: employee education will emerge as a major determinant as to whether workers prevail or fail in their efforts to become financially secure in retirement.
Customer Reviews:
Wish I'd had this 25 years ago........2007-03-16
Amazingly, this in an entertaining book about personal financial matters! The illustrative stories about Ben Franklin, Warren Buffett and others were an inspiration to get my financial affairs in order and plan for the future. I've already sent a copy to my son, who's just starting his career, so he can see how possible it is to be financially independent by retirement. I recommend this book to everyone, even those in the latter years of the working life.
Great Book, Highly Recommended.......2006-11-14
I don't know much about retirement and managing finances, but this book makes it so easy! It reads like it was written for the common man/woman, yet it gives expert advice. It helps you make clear, realistic goals that anyone can achieve. I only wish that this book would have came out sooner. If you don't know much about financing and retirement, or even if you do, this is simply the book for you. I've recommended it to all of my associates. Great book!!!
The best guide book to retirement planning I've found.......2006-10-11
As a self-employed business owner, I found The Retirement Decision
immensely helpful. Finally, a book that equips those who save seriously
for retirement with real direction. The charts and tables are
incredibly easy to use. All I had to do was fill in my age, income, and
current savings. I now know how much I'll need for retirement and what
I must save each month to reach my goal. I never dreamed it could be so
clear-cut and simple.
I've already made adjustments to my retirement investment plans.
Mike Rose the Retirement Decision - GREAT BOOK MUST READ.......2006-10-10
THOUGHT BOOK WAS EXCELLENT. REALLY THOUGHT THE BOOK WAS WRITTEN ABOUT ME AND MY LIFE. MUST READ FOR ANYONE THINKING OF RETIREING STARTING WITH YOUR CHILDREN. THEY NEED TO GET THESE CONCEPTS DOWN IN OREDER TO BE ABLE TO RETIRE. SHOULD BE REQUIRED READING IN HIGH SCHOOL AND COLLEGE.
AS THE PRESIDENT OF A EXECUTIVE SEARCH FIRM I AM SENDING COPIES TO ALL OUR BEST CLIENTS. I HOPE MIKE WRITES A FOLLOW-UP BOOK BECAUSE I REALLY APPRECIATED HIS DIRECT NATURE AND INFORMATION THAT WILL HELP ME AND MY CLIENTS FUTURE.
Book Description
Financial planner and broker Julie Stav took the world by storm with her PBS financial series and New York Times bestseller Get Your Share-showing women how to strike it rich in the stock market. Now she speaks to everyone-men and women, young and old, new and seasoned investor alike.
In this updated edition of Fund Your Future, Stav shows step by step how to set financial goals and examine your current investment plans to determine if you are investing as profitably as possible. Her signature blend of supportiveness and expert practical advice takes the fear out of investing and puts the roadmap to riches within easy reach.
Customer Reviews:
Outstanding book!.......2004-06-12
This is an amazing book - it clearly explains how you can plan for your retirement and help you to actually calculate the numbers yourself without depending on a planner. The book made me feel very empowered with my own finances. Thanks for writing this book - its awesome.
No Index.......2002-02-10
I found the book clearly written but was surprised to find no index.
get your share: the everyday woman's guide to stocks.......2002-02-05
I too am a hispanic woman. I was quite intimidated by stocks and expecially that scary stock page in the newspaper. I could not believe it. I am a college graduate and a bank employee and here I am completely baffled by investments. I work in a bank. But I caught the last 15 minutes of her PBS special and was captivated as to how simply she explained it without being condisending. I needed someone to explain how to take control of my own finances and all of those dummy books were not as helpful as I had hoped. I truly felt like a dummy!! I especially liked the road lane analogy. Because now I know in what lane and what speed to go. Even though I am 27 and the recommended/investing age starts at 25. I am confident that my retirement will be smoother than most of today's retirees. I thank you very much Julie, you improved my life by allowing me to understand it more clearly. Thanks again. If you are ever in Chicago, look me up. I owe you a cup of Starbucks mochaccino or something!!
BEST FINANCIAL PLANNING BOOK OUT THERE!.......2001-12-06
Wow! Julie Stav is really a financial writer for our times. She speaks in clear language and provides a special (and easy!) system for you to figure out how to plan for retirement, save for a college fund, or even just get the most out of your 401(k). My favorite part was the exercise she had us go through to find "hidden assets" that I didn't even know I had! I would recommend this to anyone who is numbers shy but who knows that it is time to take their financial future into their own hands!
Book Description
A Commonsense Guide to Your 401(k) shows you how to measure services and fund performance, assess a comfortable level of personal risk, scrutinize expenses, and make sense of fees and tax consequences. With it you can increase the potential of your 401(k) and achieve the rewarding retirement you've been working for.
Customer Reviews:
Very Powerful Presentation on 401K.......2005-11-10
I have gained much from this small yet fact filled book and feel much more secure about the future.
A concise guide to your 401K.......2004-02-01
This short book covered more than I thought it would, a must read if you are considering a 401k plan or are ready to retire.
Great help with financial planning whether you are 22 or 62.......2002-08-07
Ms. Rowland does a great job answering just about every question imaginable when it comes to dealing with your 401K plan. There is advice for getting started,switching jobs, planning beneficiaries, actually retiring, taking loans out against your 401k...everything. The book is written in a series of 2 page articles she lists as "steps" so if you want to skip around you can. While a little of the material is dated as a result of the recent tax changes, it is mostly in regards to amounts an individual is able to contribute. I felt I was fairly knowledgeable on this topic before I started reading but I found it pretty interesting and worth the time.
excellent book.......2000-06-25
This book is excellent! She explains, in-depth and in easy to understand language, exactly what a 401(k) plan is and how to use it to plan for retirement. Her book clearly explains the role of the 401(k) in retirement.
A must read if you are considering 401(k).......1999-07-11
This is an excellent book about 401(k) plan. I found 99% of my questions answered in that book. The book is well-organized, and the author did a good job in presenting the pros and cons of 401(k)plan. The only thing I recommend to the author is elaborating more about the 401K status for non-residnts, and how can they get their money out of this plan in case they decided to leave the country.
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